Remove Health Savings Account Remove Life Insurance Remove Taxes Remove Transportation
article thumbnail

4 considerations when choosing employee benefits for the first time

WEX Inc.

Understanding HSAs The number of health savings accounts (HSAs) has doubled nationwide in the last seven years , as more Americans turn to these accounts as a way to save on healthcare costs and prepare for retirement. HRAs provide an extra layer of financial support for medical needs beyond insurance coverage.

article thumbnail

What Are fringe benefits? Options, taxability, and other considerations.

Business Management Daily

Taxable vs. Non-taxable Benefits are always tax-deductible, aren’t they? Employees can be taxed on some high-value benefits when they are considered part of the employee’s compensation package. These are small perks or gifts from employers that are so minor in value that it would be impractical to track them for tax purposes.

Taxes 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Identifying the “Perks” on National Employee Benefits Day

Benefit Resource Inc.

Don’t forget about Specialty Accounts (Lifestyle Accounts) ! These eight benefits provide an opportunity for over $30,000 of increased value to employees each year.* These personalized benefits have become increasingly popular in the workplace.

article thumbnail

16+ types of employee benefits you should consider

Genesis HR Solutions

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. Employees don’t pay taxes on this money, which means they save an amount equal to the taxes they would have paid on the money you set aside.

401(k) 98
article thumbnail

What employees expect from benefits packages

Business Management Daily

Organizations also frequently provide employees with free or low-cost life insurance. These allow employees to save for their golden years while enjoying tax benefits now. A primary attraction is employer contributions to retirement savings plans, with the more the better from a worker’s perspective.

article thumbnail

Understanding the cost of employee benefits & what it means for your company

Genesis HR Solutions

Insurance types: Medical, dental, vision, disability, and life insurance plans. Tax-preferred plans: Health flexible spending accounts, health savings accounts, health reimbursement accounts, transportation accounts, and more. Common Employee Benefits.